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Forecast: China's economy will achieve soft landing in 2005
www.chinanews.cn 2005-02-02 13:41:48
Chinanews, Beijing, Jan 31 (By Li Peng) - Senior economists at Lehman
Brothers, an international investment bank, said today that China's
economic growth was becoming more balanced during the country's
readjustment phase. It was estimated that China's economy would see a
growth of 8.8% in 2005 and achieve a successful soft landing.
Lehman Brothers held the 2005 Global Economic Forum in Beijing today. Its
chief global economist, chief European and Asian economists and other
senior management discussed the prospect of the global economy and
currencies in Beijing.
In terms of China's economy, Lehman Brothers believed that the
government's macroeconomic controls proved effective, so far showing no
evidence that the economy was growing at a speed that could not be
sustained. The country still had much room for productivity growth, and
the realization of this potential would depend on factors such as foreign
direct investment, progress of financial reforms, restructuring of
state-owned enterprises and urban employment of the migrant population.
However, Asian senior economist Rob Subbaraman warned that the country's
aggregate investment accounted for nearly half of its GDP, probably a
sign of over-rapid growth. Furthermore, policy adjustments could no
longer satisfy the rapid growth of an economy that is becoming more
market-oriented. In particular, the country's incomplete capital control
policy has not been able to prevent the inflow of hot money.
��China's economy still trying to land softly (2005-01-19)
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